Greece’s Council of State, the highest administrative court in the country, on Thursday ruled against construction plans for the well-known Asteras Vouliagmeni resort, southeast of Athens proper.
The site, which hosts a handful of mostly outdated hotels, related facilities and marinas, is considered by many as the choicest piece of tourism-related real estate in Greece.
The court blocked a one-billion-euro projected investment by the Jermyn Street Real Estate Fund IV LP, which pools mostly Gulf capital primarily over the plan to build 100 luxury “cabanas” on the property. The investment, according to a court ruling, contravenes a constitutional provision against environmental and urban protection.
A minority share of the company belongs to Turkey’s Dogus group.